Systems and methods are provided for providing an adjustment to a value estimate for a property that is considered distressed. In one embodiment, a method includes receiving the estimate of value for the property; determining, based on a model, the adjustment to the estimate of value, such that the model accounts for a characteristic of the property and a characteristic of the loan; and providing the adjustment.
Legal claims defining the scope of protection, as filed with the USPTO.
1. A computer-implemented method executed by a data processor connected to a networked database through a network interface, the method comprising: receiving, by the data processor via the network interface, a user request to calculate an adjustment to an estimate of value of a property, wherein the received request activates code for determining a calculated adjustment to the estimate of value of the property and code for creating a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request; receiving, by the data processor via the network interface, an indication of current distress for the property for which there is a corresponding existing loan, the indication of distress indicating a foreclosure status of the property or indicating that one or more payments for the existing loan are overdue; receiving, by the data processor via the network interface, first data including the estimate of value for the property; receiving, by the data processor via the network interface, second data including an outstanding mortgage balance for the corresponding existing loan, the second data being different from the first data; selecting, using the data processor, a model based on the indication of current distress, wherein the model utilizes the first data and the second data, and coefficients of the model are based on historical information on one or more mortgage loans that were in a previously delinquent or foreclosure status; calculating, using the data processor and based on the selected model, the adjustment to the estimate of value, wherein the calculated adjustment is derived from a function of a natural log of median income for the property's zip code, a growth rate in property values in the property's zip code for a previous quarter, a cash out refinance flag, or a standardized difference between home value estimate at origination of the loan and the origination value; transmitting, via the network interface, the calculated adjustment to the estimate of value for display on a client terminal, wherein the transmitted calculated adjustment activates code for modifying the corresponding existing loan for the property or determining a sales price for the property; and creating, via the network interface, a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request.
2. The method of claim 1 , wherein selecting the model based on the indication of current distress comprises: selecting one of a first model stored in at least one networked database when the indication of current distress indicates a foreclosure status or selecting a second model stored in the at least one networked database when the indication of current distress indicates that one or more payments for the existing loan are overdue.
3. The method of claim 1 , further comprising: storing, using the data processor, the adjustment.
4. The method of claim 1 , further comprising: determining, using the data processor, when the indication of current distress indicates that one or more payments for the existing loan are overdue, whether to modify one or more terms of the existing loan based on the adjustment.
5. The method of claim 4 , wherein the one or more terms of the existing loan comprises a length of the loan, an interest rate of the loan, or an adjustment that modifies a periodic payment on the loan.
6. The method of claim 1 , further comprising: determining, using the data processor, the first data utilizing an automated valuation model.
7. The method of claim 6 , further comprising: receiving, by the data processor, a standard deviation associated with the automated valuation model.
8. The method of claim 1 , further comprising: receiving, by the data processor, a comparison of a purchase price or appraised value at loan origination with an as-of-origination estimated value of the property.
9. The method of claim 1 , wherein calculating the adjustment includes accounting for a characteristic of one of a borrower, the existing loan, and the property.
10. A non-transitory computer-readable storage medium comprising instructions which, when executed by a computing platform connected to a data processor and at least one networked database through a network interface, perform a method comprising: receiving, by the data processor via the network interface, a user request to calculate an adjustment to an estimate of value of a property, wherein the received request activates code for determining a calculated adjustment to the estimate of value of the property and code for creating a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request; receiving, by the data processor from the at least one networked database, an indication of current distress for a property for which there is a corresponding existing loan, the indication of distress indicating a foreclosure status of the property or indicating that one or more payments for the existing loan are overdue; receiving, by the data processor, first data including an estimate of value for the property; receiving, by the data processor, second data including an outstanding mortgage balance for the corresponding existing loan, the second data being different from the first data; selecting, using the data processor, a model stored in the at least one networked database based on the indication of current distress, wherein the model utilizes the first data and the second data, and coefficients of the model are based on historical information on one or more mortgage loans that were in a previously delinquent or foreclosure status; calculating, using the data processor and based on the selected model retrieved from the at least one networked database, an adjustment to the estimate of value, wherein the calculated adjustment is derived from a function of a natural log of median income for the property's zip code, a growth rate in property values in the property's zip code for the previous quarter, a cash out refinance flag, or a standardized difference between home value estimate at origination of the loan and the origination value; transmitting, via the network interface, the calculated adjustment to the estimate of value for display on a client terminal, wherein the transmitted calculated adjustment activates code for modifying the corresponding existing loan for the property or determining a sales price for the property; and creating, via the network interface, a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request.
11. The non-transitory computer-readable storage medium of claim 10 , wherein selecting the model stored in the at least one networked database based on the indication of current distress comprises: selecting one of a first model stored in the at least one networked database when the indication of current distress indicates a foreclosure status or selecting a second model stored in the at least one networked database when the indication of current distress indicates that one or more payments for the existing loan are overdue.
12. The non-transitory computer-readable storage medium of claim 10 , further comprising: storing, using the data processor, the adjustment in the at least one networked database.
13. The non-transitory computer-readable storage medium of claim 10 , further comprising: determining, using the data processor, when the indication of current distress indicates that one or more payments for the existing loan are overdue, whether to modify one or more terms of the existing loan based on the adjustment.
14. The non-transitory computer-readable storage medium of claim 13 , wherein the one or more terms of the existing loan comprises a length of the loan, an interest rate of the loan, or an adjustment that modifies a periodic payment on the loan.
15. The non-transitory computer-readable storage medium of claim 10 , wherein the method further comprises: determining, using the data processor, the first data utilizing an automated valuation model.
16. The non-transitory computer-readable storage medium of claim 15 , the method further comprising: receiving, by the data processor, a standard deviation associated with the automated valuation model.
17. The non-transitory computer-readable storage medium of claim 10 , the method further comprising: receiving, by the data processor, a comparison of a purchase price or appraised value at loan origination with an as-of-origination estimated value of the property.
18. The non-transitory computer-readable storage medium of claim 10 , wherein calculating the adjustment includes accounting for a characteristic of one of a borrower, the existing loan, and the property.
19. A system comprising: at least one data processor connected to a networked database through a network interface; and a memory device storing instructions which configure the at least one data processor to: receive, via the network interface, a user request to calculate an adjustment to an estimate of value of a property, wherein the received request activates code for determining a calculated adjustment to the estimate of value of the property and code for creating a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request; receive, via the network interface, an indication of current distress for a property for which there is a corresponding existing loan, the indication of distress indicating a foreclosure status of the property or indicating that one or more payments for the existing loan are overdue; receive, via the network interface, first data including the estimate of value for the property; receive, via the network interface, second data including an outstanding mortgage balance for the corresponding existing loan, the second data being different from the first data; select a model based on the indication of current distress, wherein the model utilizes the first data and the second data, and coefficients of the model are based on historical information on one or more mortgage loans that were in a previously delinquent or foreclosure status; calculate an adjustment to the estimate of value based on the selected model, wherein the calculated adjustment is derived from a function of a natural log of median income for the property's zip code, a growth rate in property values in the property's zip code for a previous quarter, a cash out refinance flag, or a standardized difference between home value estimate at origination of the loan and the origination value; transmit, via the network interface, the calculated adjustment to the estimate of value for display on a client terminal, wherein the transmitted calculated adjustment activates code for modifying the corresponding existing loan for the property or determining a sales price for the property; and create, via the network interface, a web page displaying the calculated adjustment to the estimate of value of the property in response to the user request.
20. The system of claim 19 , wherein selecting the model based on the indication of current distress comprises: selecting one of a first model stored in at least one networked database when the indication of current distress indicates a foreclosure status or selecting a second model stored in the at least one networked database when the indication of current distress indicates that one or more payments for the existing loan are overdue.
21. The system of claim 19 , wherein the memory and the at least one data processor are further configured to implement operations comprising: storing the adjustment.
22. The system of claim 19 , wherein the memory and the at least one data processor are further configured to implement operations comprising: determining, when the indication of current distress indicates that one or more payments for the existing loan are overdue, whether to modify one or more terms of the existing loan based on the adjustment.
23. The system of claim 22 , wherein the one or more terms of the existing loan comprises a length of the loan, an interest rate of the loan, or an adjustment that modifies a periodic payment on the loan.
24. The system of claim 19 , wherein the memory and the at least one data processor are further configured to implement operations comprising: determining the first data utilizing an automated valuation model.
25. The system of claim 24 , wherein the memory and the at least one data processor are further configured to implement operations comprising: receiving a standard deviation associated with the automated valuation model.
26. The system of claim 19 , wherein the memory and the at least one data processor are further configured to implement operations comprising: receiving a comparison of a purchase price or appraised value at loan origination with an as-of-origination estimated value of the property.
27. The system of claim 19 , wherein calculating the adjustment includes accounting for a characteristic of one of a borrower, the existing loan, and the property.
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December 16, 2013
October 3, 2017
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